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Gold prices soared to fresh record highs on Monday, January 12, as investors rushed toward safe-haven assets amid escalating geopolitical tensions, a weaker US dollar, and rising expectations of interest rate cuts by the US Federal Reserve.
On MCX gold February futures climbed around 2%, rising Rs. 2,400 to touch a record high at Rs. 1,41,250 per 10 grams before retreating to Rs. 1,40,855. Silver March futures outperformed, jumping 3.72% to Rs. 2,62,114 per kg.
The price of 24K gold increased by Rs. 169 by 10:00 am. 10 grams of the precious metal traded at Rs. 1,42,150.
The price of 22K gold also increased by Rs. 155, with ten grams of the yellow metal selling at Rs. 1,30,300.
The price of ten grams of 24K gold stood at Rs. 1,42,150 in Mumbai and Kolkata, and Rs. 1,43,130 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,42,300.
Internationally, gold breached the $4,600 per troy ounce level for the first time. US gold futures for February delivery hit $4,612.40 per ounce, while spot gold traded above $4,460 per ounce in early Asian hours.
Silver also surged sharply, with spot prices climbing above $82 per ounce, after briefly touching an all-time high near $84 per ounce.
The sharp move in the precious metals market has resulted from various global and economic factors.
Investors have become more risk-averse due to the increased tensions around Iran and Venezuela, US trade concerns, and the uncertainties of global leadership.
Adding to the momentum, the US dollar weakened, which happened after the news of a criminal investigation linked to the Federal Reserve's chair, Jerome Powell.
A weaker dollar has made gold and silver cheaper for foreign investors because the prices of these two metals are quoted in dollars.
The anticipation of a Fed interest rate cut in the US later this year has also contributed to the rise of gold prices. Recent reports on US employment indicate that job creation has been slower than expected, reinforcing investors' views that the Fed might loosen its grip.
Also Read: Top Gold Mutual Funds in India to Add to Your 2026 Investment Watchlist
Internationally, gold has support at $4,465 and $4,415 while resistance is at $4,555 and $4,580. Silver has support at $78.10 and $76.75, while resistance is at $81.85 and $82.70.
On MCX, gold has support at Rs. 1,34,550 and Rs. 1,32,310 while resistance is at Rs. 1,41,350 and Rs. 1,43,670. Silver has support at Rs. 2,48,810 and Rs. 2,44,170, while resistance is at Rs. 2,55,810 and Rs. 2,59,470.
